Bitcoin has reignited excitement across the crypto market, breaking through the $97,000 level and fueling speculation that it could reach $100,000 before January ends.
According to TradingView, BTC reached an eight-week high, triggering more than $680 million in liquidated short positions across derivatives exchanges.
On Polymarket, odds for Bitcoin hitting $100K before January 31st now exceed 74%.
Rally Continues Despite Hot Inflation Data
The rally followed a strong breakout past $96,000, continuing a bullish recovery that began earlier in January. Surprisingly, this momentum built even as the U.S. Producer Price Index (PPI) rose 3% year-over-year, its highest level since mid-2025 — a typically bearish signal for risk assets.
Instead, Bitcoin surged beyond the critical $95,000 mark, showing notable strength despite macroeconomic pressure.
ETF Inflows Drive Momentum
According to SoSoValue, U.S. spot Bitcoin ETFs saw a net inflow of $843 million in a single trading day. BlackRock led the charge with over $648 million, pushing its total ETF holdings above $63 billion, followed by Fidelity FBTC with $125 million in inflows.
This surge unfolded even as the U.S. Supreme Court delayed its decision on Trump-era tariffs, an issue that could impact broader markets.
Low Selling Pressure Creates Room for Growth
Glassnode data shows that long-term holders are taking profits at a slower pace compared to previous bull markets. Weekly outflows to exchanges are down to just 12,800 BTC, compared to over 100,000 BTC in past peaks. This suggests weaker selling pressure despite prices between $93,000 and $110,000.
Glassnode adds that while profit-taking is still occurring, it's less aggressive, leaving room for the uptrend to continue.
Adding to the optimism, the owner of the World’s Highest IQ recently voiced confidence in Bitcoin’s short-term outlook, echoing the bullish call by Bitwise’s CIO.
Geopolitical Risks Linger
Despite the bullish environment, analysts warn of potential global risks. Rising tensions between the U.S. and Iran could quickly shift market sentiment. Although recent de-escalation led to a small drop in oil prices, any sudden spike in geopolitical risk could impact the crypto rally.
Summary
🔹 BTC surges past $97,000, with traders eyeing $100K before Jan 31
🔹 ETF inflows hit $843M in one day
🔹 Market resists inflation pressure and political uncertainty
🔹 Long-term holders are not aggressively selling
🔹 Tensions with Iran remain a potential market disruptor
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